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As per amendment in the Income Tax Rules, PAN or Aadhaar are to be mandatorily quoted for cash deposit or withdrawal aggregating to Rupees twenty lakhs or more in a FY. Please update your PAN or Aadhaar. Kindly reach out to the Bank’s contact center on 1800 10 888 or visit the nearest IDFC FIRST Bank branch for further queries.
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Approval of up to 10 Lakhs in a flash
Multiple withdrawals & flexible EMI tenure
Repay anytime with ZERO foreclosure charges
100% digital process
24X7 access to funds
Personal Loan for Salaried Employees
A consistent income is a critical requirement for lenders to sanction personal loans for salaried people. The higher your salary and credit score, the more likely lenders will approve your loan application.
Read on for more
Features and benefits of a personal loan for salaried employees
Personal loans can be used for many reasons. You can use a personal loan for emergencies, education, weddings, medical costs, vacations, or any unplanned expenses.
Get approval with FIRSTmoney for a line of credit up to ₹10 lakhs in a flash.
FIRSTmoney personal loans for salaried employees are offered at attractive rates of interest starting at 10.99%* per annum.
FIRSTmoney offers flexible EMI tenures and enables salaried employees to withdraw from the line of credit multiple times up to the credit limit without any restrictions.
Allows you to make prepayments and close your loan without any foreclosure charges.
Choose from flexible loan repayment options ranging from 2 months to 60 months to fit your financial situation.
No need to pay the interest on the entire credit limit, pay interest only on what you withdraw.
Available for salaried individuals in the age bracket of 21 years to 60 years having a credit score of 750+.
How FIRSTmoney can empower you
Travel
Embark on your dream adventures with an online personal loan designed exclusively for elite travellers like you. Whether you're planning a luxurious getaway, an exotic expedition, or a cultural exploration, FIRSTmoney offers the financial freedom to turn your travel aspirations into reality.
With competitive rates and flexible terms, FIRSTmoney empowers you to book premium accommodations, indulge in once-in-a-lifetime experiences, and create unforgettable memories without compromise. Apply seamlessly on an end-to-end digital journey and make your bookings the same day without dipping into your savings.
Advantages of FIRSTmoney for travel expenses:
- • Set up a credit limit with FIRSTmoney once and enjoy your travel the way you want with the multiple withdrawal facility.
- • Get instant access to funds, anytime, anywhere, in your bank account; 24x7, in just a single step.
- • Attractive fixed interest rate (on a monthly reducing basis), starting at 10.99 % p.a.
- • No need for collateral or security deposit to set up a loan.
- • By responsibly managing your loan, you can enhance your credit profile, opening doors to even greater opportunities for future travel endeavors.
Emergency Loan
Wedding Loan
Medical Loan
Home Improvement Loan
Reasons to apply for a personal loan for salaried individuals
Personal loans are not limiting. They can be availed to counter many situations, including weddings and vacations. Salaried employees can also use FIRSTmoney to get instant personal loans to address challenging financial situations, such as debt, down payments, and loan restructuring.
The personal loan amount, tenure, rate of interest, and other relevant elements are determined by age, credit history, etc.
Interest rates and charges
FIRSTmoney interest rates and charges at IDFC FIRST Bank include -
| Types of Fees | Applicable Charges |
| Interest rate | Starting at 10.99% pa |
| Processing fees (including GST) | Up to 2% of loan amount |
| Late payment fees | Up to 2% of the unpaid EMI |
| Stamping charges | As per actuals |
How to apply for a personal loan online?
Step 1
Scan the QR code to apply
Step 2
Register yourself using your mobile number
Step 3
Confirm your basic details and check your personal loan for salaried employees’ eligibility
Step 4
Select the loan details, i.e., the loan amount, tenure, etc.
Step 5
Link your bank account
Step 6
Complete the VKYC verification process
Eligibility
Salaried individuals
Age limit – 21 to 60 years
CIBIL Score*: 750+
* CIBIL Score is a 3-digit numeric summary of your credit history, derived by using details found in the ‘Accounts’ and ‘Enquiries’ sections on your CIBIL Report and ranges from 300 to 900. The closer your score is to 900, the higher are the chances of your loan application getting approved.
Documentation
Display your PAN card for the VKYC verification.
Display your PAN card for the VKYC verification.
Personal Loan for Home Renovation - Fees and Charges
Enjoy competitive interest rates and minimal charges
Frequently asked questions
What is a personal loan for salaried employees?
Personal loans, like FIRSTmoney, are unsecured loans offered to individuals who require funds to fulfil certain obligations. These loans are called unsecured loans because lenders do not demand any collateral.